3 Priorities Every Entrepreneur Should Focus On
Success is only another form of failure if we forget what our priorities should be ~Harry Lloyd
Many business owners buy into the false belief that the more priorities they have, the more accomplished they are. Not true at all. In fact, if you have more than three set priorities for your business you have too many. When someone ask me “what are the priorities for my business”, the first three things that come to mind are Profitability, Innovation and Growth. Knowing everything that you want to accomplish in life is good, but shouldn’t take up too much of your valuable time trying to achieve it all in a day.
As a business owner it’s important to say no to ideas that are appealing, but do not match your current business goals. Planning ahead and considering your priorities ahead will help you grow your business in so many ways. The nature of entrepreneurship is one of constant change and always having something to do. I am very aware that I can not do it all, so I focus on priorities that help my business excel now. Everyday I make sure I focus on three main priorities; Profitability, Innovation and Growth. Each day at least one (if not all three) of these business priorities should be a part of every entrepreneurs day.
Here’s my top three priorities entrepreneurs should focus on
Focus on what you are best at. What are the capabilities you have that others don’t. Spend time fine tuning your skills and credentials. Network in circles of your peers; keep up to date on the latest trends in your field. Profit is not always immediate funds, but sometimes comes through the relationships that you build with clients and business partners. Focus your marketing and branding on your skills and abilities. This compels more people to seek your product/services, which will result in profits. An important part of being an entrepreneur is being able to look into the future, set goals and take the necessary steps to make it happen. The only way to make it happen is to set priorities that align with your business; have a team that understands those priorities and work with you to achieve them. Profits allow entrepreneurs to reinvest in their business and expand. Don’t wast time on fly by night gimmicks that may strike a chord with customers for a moment, but have no long-lasting effect. Profit comes when you strategize and focus on what your ideal customer needs. Continuous profit comes with consistency. Slow and steady always wins the race.
Think about what skills you don’t have that you could establish to help you succeed and reach your business goals. Take a look at your team and make sure you have team members who have knowledge about things that you don’t. Diversity in yourself and your team is the welcome matt to innovation. Encourage new products/services for your existing customers as well new ones. To be innovative a business must not only be able to satisfy their customer’s current needs, but a business must be able to predict customer’s future needs as well. Consider new ways to provide your product/services to customer using up to date technology. The more your business innovates and adapts to new trends the broader your customer base will become.
At the start of a new business most entrepreneurs spend their time assisting the priorities of others. Catering to current customers and trying to get new ones are critical to your business, but if you spend too much time on the phone and answering emails you soon realize that you’re that you’re getting the work done, but your business is not growing. Spend extra time (ans sometimes money) on a marketing plan that will successfully take your business to the public. Consistently think of outside of the box ways to market your business. Consider speaking to professional groups in your field, hold monthly mixers and invite community and business leaders in your area, start a blog focusing on your services. To see substantial growth in your business you must always work on ways to let others know about your business and your services. The only way for your business to grow is for more and more people to learn about it. The only way more people will learn about it is if you’re out there talking about it.
The first 20 percent of a task usually accounts for 80 percent of the value of that task. Once you focus on your priorities and begin working on them, the first 20 percent of the time you spend strategizing to achieve them will account for 80 percent of your success. When setting priorities, always focus on the first 20 percent and then the 80 percent will flow smoothly in your business.